Elon musk tweets, Dogecoin falls

Tesla and SpaceX CEO caused a huge drop in Dogecoin price after his last tweet. He had previously tweeted and caused a drastic rise in its price.

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DOGE has been in the spotlight for the past couple of days and enjoying great popularity which was initially created through a tweet by Mr. Musk. And it saw a sharp increase in its price since that tweet. However, the good days for this coin came to an end with another tweet from him causing a 23% fall in its price.

This drop happened right after Elon Musk criticized DOGE by talking about the distribution of its tokens in his tweet. He also had an offer stating that if huge holders sold their Dogecoins, he would support the coin fully. Here’s the original tweet;

“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.”

The price of Dogecoin was $0.063 before this tweet and it sank by 23% about 7 hours after this tweet. He had impacted the price of Bitcoin previously, so this is not his first time to influence the crypto market. However, in Monday’s fall, his impact was not as tangible as BTC and DOGE as the global market capitalization saw $103b departing it simultaneously.

As a result of an enormous pullback, altcoins experienced more than 20% loss among the crypto market cap rankings which according to analysts has been because of BTC’s pushing to a new all-time high (ATH).

It’s not easy to determine the exact distribution of a particular cryptocurrency since public blockchains are pseudonymous or anonymous by nature. However, according to a couple of available sources, all the Dogecoin supply is held only by 100 addresses.

Dogecoin founder, Billy Markus, who started Dogecoin as a joke in 2013 from a meme “Shiba Inu dog” has said that he had to sell all his Dogecoin holdings in 2015 when he faced lots of financial difficulties after he lost his job. Going even further, he can’t figure out how the coin that has no value or real utility saw a meteoric rise, he says.

He has a not-so-serious approach towards DOGE but Elon Musk has been messing with Dogecoin through memes. He once appointed himself as Dogecoin CEO.

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